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Below The Quote on Defence sector performance in Fy23 and outlook for FY24 by Ashwin Patil, Senior Research Analyst at LKP Securities

FY23 was a good year for the defense sector with GOI emphasising more and more on indigenisation as they produced a long list of products to be procured from India. This gave a solid kicker to all the domestic defense players though the defense outlay wasn't that heavy in the Union Budget of 2023. However, in FY24, we expect the huge orders received by the defense companies last year from all the faculties of MOD to start delivering and add to the numbers this year. The upcoming elections next year in FY25, FY24 should see better inflow of orders to defense companies from GOI than FY23 and thus impact the sectoral performance positively.

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